Guarantor and Non-Guarantor Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Condensed Income Statement

Consolidating Condensed Statements of Operations

For the Year Ended December 31, 2013

			Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non- Guarantor  Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	3,786		$	1,921	$	—		$	5,707
	Other		—			—			1,098			3,086		(1,954		)	2,230
Net revenues			—			—			4,884			5,007		(1,954		)	7,937
Expenses
	Operating		7			15			2,425			1,627		—			4,074
	Vehicle depreciation and lease charges, net		—			—			1,776			1,806		(1,771		)	1,811
	Selling, general and administrative		35			6			591			387		—			1,019
	Vehicle interest, net		—			—			182			265		(183		)	264
	Non-vehicle related depreciation and amortization		—			2			97			53		—			152
	Interest expense related to corporate debt, net:
		Interest expense	3			196			—			29		—			228
		Intercompany interest expense (income)	(12		)	(30		)	6			36		—			—
		Early extinguishment of debt	53			94			—			—		—			147
	Restructuring expense		—			—			25			36		—			61
	Transaction-related costs		1			24			3			23		—			51
	Impairment		—			33			—			—		—			33
Total expenses			87			340			5,105			4,262		(1,954		)	7,840
Income (loss) before income taxes and equity in earnings of subsidiaries			(87		)	(340		)	(221		)	745		—			97
Provision for (benefit from) income taxes			(14		)	(124		)	156			63		—			81
Equity in earnings of subsidiaries			89			305			682			—		(1,076		)	—
Net income			$	16		$	89		$	305		$	682	$	(1,076	)	$	16
Comprehensive income			$	23		$	96		$	310		$	657	$	(1,063	)	$	23

			Parent			Subsidiary Issuers			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	3,491	$	1,806	$	—		$	5,297
	Other		1			—			1,052		2,130		(1,123		)	2,060
Net revenues			1			—			4,543		3,936		(1,123		)	7,357
Expenses
	Operating		—			5			2,305		1,514		—			3,824
	Vehicle depreciation and lease charges, net		—			—			902		996		(427		)	1,471
	Selling, general and administrative		21			—			573		331		—			925
	Vehicle interest, net		—			—			234		300		(237		)	297
	Non-vehicle related depreciation and amortization		—			2			75		48		—			125
	Interest expense related to corporate debt, net:
		Interest expense	9			246			—		13		—			268
		Intercompany interest expense (income)	(18		)	(314		)	277		55		—			—
		Early extinguishment of debt	44			31			—		—		—			75
	Restructuring expense		—			—			3		35		—			38
	Transaction-related costs		4			1			1		28		—			34
Total expenses			60			(29		)	4,370		3,320		(664		)	7,057
Income (loss) before income taxes and equity in earnings of subsidiaries			(59		)	29			173		616		(459		)	300
Provision for (benefit from) income taxes			(8		)	(106		)	72		52		—			10
Equity in earnings of subsidiaries			341			206			105		—		(652		)	—
Net income			$	290		$	341		$	206	$	564	$	(1,111	)	$	290
Comprehensive income			$	322		$	373		$	237	$	594	$	(1,204	)	$	322

For the Year Ended December 31, 2011

			Parent			Subsidiary  Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Total
Revenues
	Vehicle rental		$	—		$	—		$	3,393		$	945	$	—		$	4,338
	Other		2			—			1,006			1,702		(1,148		)	1,562
Net revenues			2			—			4,399			2,647		(1,148		)	5,900
Expenses
	Operating		3			8			2,241			773		—			3,025
	Vehicle depreciation and lease charges, net		—			—			921			868		(566		)	1,223
	Selling, general and administrative		11			—			564			181		—			756
	Vehicle interest, net		—			(1		)	243			296		(252		)	286
	Non-vehicle related depreciation and amortization		—			—			78			17		—			95
	Interest expense related to corporate debt, net:
		Interest expense	10			208			—			1		—			219
		Intercompany interest expense (income)	(14		)	(205		)	215			4		—			—
	Transaction-related costs		71			56			—			128		—			255
	Restructuring expense		—			—			2			3		—			5
Total expenses			81			66			4,264			2,271		(818		)	5,864
Income (loss) before income taxes and equity in earnings of subsidiaries			(79		)	(66		)	135			376		(330		)	36
Provision for (benefit from) income taxes			(27		)	(22		)	66			48		—			65
Equity in earnings (loss) of subsidiaries			23			67			(2		)	—		(88		)	—
Net income (loss)			$	(29	)	$	23		$	67		$	328	$	(418	)	$	(29	)
Comprehensive income (loss)			$	(43	)	$	7		$	50		$	358	$	(415	)	$	(43	)

Consolidating Condensed Balance Sheet

As of December 31, 2012

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	5	$	102	$	—	$	499	$	—		$	606
	Receivables, net	—		—		156		397		—			553
	Deferred income taxes	3		1		138		4		—			146
	Other current assets	5		73		81		246		—			405
Total current assets		13		176		375		1,146		—			1,710
Property and equipment, net		—		90		276		163		—			529
Deferred income taxes		23		1,216		223		—		(8		)	1,454
Goodwill		—		—		74		301		—			375
Other intangibles, net		—		43		341		347		—			731
Other non-current assets		109		80		14		117		—			320
Intercompany receivables		142		972		546		96		(1,756		)	—
Investment in subsidiaries		723		2,030		3,293		—		(6,046		)	—
Total assets exclusive of assets under vehicle programs		1,010		4,607		5,142		2,170		(7,810		)	5,119
Assets under vehicle programs:
	Program cash	—		—		—		24		—			24
	Vehicles, net	—		7		13		9,254		—			9,274
	Receivables from vehicle manufacturers and other	—		—		—		439		—			439
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		362		—			362
		—		7		13		10,079		—			10,099
Total assets		$	1,010	$	4,614	$	5,155	$	12,249	$	(7,810	)	$	15,218
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	22	$	250	$	490	$	659	$	—		$	1,421
	Short-term debt and current portion of long-term debt	—		13		3		41		—			57
Total current liabilities		22		263		493		700		—			1,478
Long-term debt		128		2,712		8		—		—			2,848
Other non-current liabilities		103		79		277		420		(8		)	871
Intercompany payables		—		831		372		553		(1,756		)	—
Total liabilities exclusive of liabilities under vehicle programs		253		3,885		1,150		1,673		(1,764		)	5,197
Liabilities under vehicle programs:
	Debt	—		4		—		1,599		—			1,603
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		5,203		—			5,203
	Deferred income taxes	—		—		1,975		188		—			2,163
	Other	—		2		—		293		—			295
		—		6		1,975		7,283		—			9,264
Total stockholders’ equity		757		723		2,030		3,293		(6,046		)	757
Total liabilities and stockholders’ equity		$	1,010	$	4,614	$	5,155	$	12,249	$	(7,810	)	$	15,218

onsolidating Condensed Balance Sheets

As of December 31, 2013

		Parent		Subsidiary Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
Assets
Current assets:
	Cash and cash equivalents	$	14	$	242	$	12	$	425	$	—		$	693
	Receivables, net	—		—		150		469		—			619
	Deferred income taxes	1		—		156		21		(1		)	177
	Other current assets	4		80		82		289		—			455
Total current assets		19		322		400		1,204		(1		)	1,944
Property and equipment, net		—		109		312		193		—			614
Deferred income taxes		20		1,142		141		—		(4		)	1,299
Goodwill		—		—		342		349		—			691
Other intangibles, net		—		41		519		363		—			923
Other non-current assets		104		96		18		143		—			361
Intercompany receivables		145		210		853		331		(1,539		)	—
Investment in subsidiaries		671		2,900		3,347		—		(6,918		)	—
Total assets exclusive of assets under vehicle programs		959		4,820		5,932		2,583		(8,462		)	5,832
Assets under vehicle programs:
	Program cash	—		—		—		116		—			116
	Vehicles, net	—		10		9		9,563		—			9,582
	Receivables from vehicle manufacturers and other	—		—		—		391		—			391
	Investment in Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		363		—			363
		—		10		9		10,433		—			10,452
Total assets		$	959	$	4,830	$	5,941	$	13,016	$	(8,462	)	$	16,284
Liabilities and stockholders’ equity
Current liabilities:
	Accounts payable and other current liabilities	$	25	$	238	$	487	$	730	$	(1	)	$	1,479
	Short-term debt and current portion of long-term debt	65		14		3		7		—			89
Total current liabilities		90		252		490		737		(1		)	1,568
Long-term debt		—		2,955		6		344		—			3,305
Other non-current liabilities		98		96		221		436		(4		)	847
Intercompany payables		—		844		340		355		(1,539		)	—
Total liabilities exclusive of liabilities under vehicle programs		188		4,147		1,057		1,872		(1,544		)	5,720
Liabilities under vehicle programs:
	Debt	—		11		—		1,670		—			1,681
	Due to Avis Budget Rental Car Funding (AESOP) LLC-related party	—		—		—		5,656		—			5,656
	Deferred income taxes	—		—		1,984		193		—			2,177
	Other	—		1		—		278		—			279
		—		12		1,984		7,797		—			9,793
Total stockholders’ equity		771		671		2,900		3,347		(6,918		)	771
Total liabilities and stockholders’ equity		$	959	$	4,830	$	5,941	$	13,016	$	(8,462	)	$	16,284

Consolidating Condensed Cash Flow Statement

For the Year Ended December 31, 2012

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	(43	)	$	272		$	70		$	1,650		$	(60	)	$	1,889
Investing activities
Property and equipment additions	—			(26		)	(43		)	(63		)	—			(132		)
Proceeds received on asset sales	—			8			3			10			—			21
Net assets acquired, (net of cash acquired)	—			—			(1		)	(68		)	—			(69		)
Intercompany loan receipts	224			—			—			—			(224		)	—
Other, net	29			(4		)	(1		)	(8		)	(25		)	(9		)
Net cash provided by (used in) investing activities exclusive of vehicle programs	253			(22		)	(42		)	(129		)	(249		)	(189		)
Vehicle programs:
Increase in program cash	—			—			—			(13		)	—			(13		)
Investment in vehicles	—			(4		)	(20		)	(11,043		)	—			(11,067		)
Proceeds received on disposition of vehicles	—			3			2			9,191			—			9,196
	—			(1		)	(18		)	(1,865		)	—			(1,884		)
Net cash provided by (used in) investing activities	253			(23		)	(60		)	(1,994		)	(249		)	(2,073		)
Financing activities
Proceeds from long-term borrowings	—			1,152			—			—			—			1,152
Payments on long-term borrowings	(222		)	(1,268		)	(11		)	—			—			(1,501		)
Net change in short term borrowings	—			—			—			10			—			10
Debt financing fees	—			(16		)	—			—			—			(16		)
Purchases of warrants	(29		)	—			—			—			—			(29		)
Proceeds from sale of call options	43			—			—			—			—			43
Intercompany loan payments	—			(224		)	—			—			224			—
Other, net	1			(25		)	—			(60		)	85			1
Net cash provided by (used in) financing activities exclusive of vehicle programs	(207		)	(381		)	(11		)	(50		)	309			(340		)
Vehicle programs:
Proceeds from borrowings	—			—			—			12,108			—			12,108
Payments on borrowings	—			—			—			(11,490		)	—			(11,490		)
Debt financing fees	—			—			—			(28		)	—			(28		)
	—			—			—			590			—			590
Net cash provided by (used in) financing activities	(207		)	(381		)	(11		)	540			309			250
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			6			—			6
Net increase (decrease) in cash and cash equivalents	3			(132		)	(1		)	202			—			72
Cash and cash equivalents, beginning of period	2			234			1			297			—			534
Cash and cash equivalents, end of period	$	5		$	102		$	—		$	499		$	—		$	606

Consolidating Condensed Statements of Cash Flows

For the Year Ended December 31, 2013

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	(3	)	$	562		$	26		$	1,736		$	(68	)	$	2,253
Investing activities
Property and equipment additions	—			(26		)	(69		)	(57		)	—			(152		)
Proceeds received on asset sales	—			7			4			11			—			22
Net assets acquired (net of cash acquired)	—			(564		)	8			19			—			(537		)
Intercompany loan receipts	—			233			60			—			(293		)	—
Other, net	146			(50		)	48			4			(146		)	2
Net cash provided by (used in) investing activities exclusive of vehicle programs	146			(400		)	51			(23		)	(439		)	(665		)
Vehicle programs:
Decrease in program cash	—			—			—			(79		)	—			(79		)
Investment in vehicles	—			(44		)	(2		)	(10,853		)	—			(10,899		)
Proceeds received on disposition of vehicles	—			40			—			9,369			—			9,409
	—			(4		)	(2		)	(1,563		)	—			(1,569		)
Net cash provided by (used in) investing activities	146			(404		)	49			(1,586		)	(439		)	(2,234		)
Financing activities
Proceeds from long-term borrowings	—			2,647			—			325			—			2,972
Payments on long-term borrowings	(115		)	(2,489		)	(3		)	(1		)	—			(2,608		)
Net change in short term borrowings	—			—			—			(36		)	—			(36		)
Debt financing fees	—			(30		)	—			(7		)	—			(37		)
Purchases of warrants	(78		)	—			—			—			—			(78		)
Proceeds from sale of call options	104			—			—			—			—			104
Repurchases of common stock	(48		)	—			—			—			—			(48		)
Intercompany loan payments	—			—			(60		)	(233		)	293			—
Other, net	3			(146		)	—			(68		)	214			3
Net cash provided by (used in) financing activities exclusive of vehicle programs	(134		)	(18		)	(63		)	(20		)	507			272
Vehicle programs:
Proceeds from borrowings	—			—			—			12,953			—			12,953
Payments on borrowings	—			—			—			(13,115		)	—			(13,115		)
Debt financing fees	—			—			—			(34		)	—			(34		)
	—			—			—			(196		)	—			(196		)
Net cash provided by (used in) financing activities	(134		)	(18		)	(63		)	(216		)	507			76
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(8		)	—			(8		)
Net increase (decrease) in cash and cash equivalents	9			140			12			(74		)	—			87
Cash and cash equivalents, beginning of period	5			102			—			499			—			606
Cash and cash equivalents, end of period	$	14		$	242		$	12		$	425		$	—		$	693

For the Year Ended December 31, 2011

	Parent			Subsidiary Issuers			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net cash provided by (used in) operating activities	$	(32	)	$	(1,241	)	$	(236	)	$	2,661		$	426		$	1,578
Investing activities
Property and equipment additions	—			(17		)	(34		)	(14		)	—			(65		)
Proceeds received on asset sales	—			10			2			2			—			14
Net assets acquired (net of cash acquired)	—			—			(1		)	(840		)	—			(841		)
Intercompany loan advances	(486		)	—			—			—			486			—
Intercompany loan receipts	242			—			—			—			(242		)	—
Other, net	(34		)	(1		)	—			(4		)	32			(7		)
Net cash (used in) provided by investing activities exclusive of vehicle programs	(278		)	(8		)	(33		)	(856		)	276			(899		)
Vehicle programs:
Increase in program cash	—			—			—			(11		)	—			(11		)
Investment in vehicles	—			(73		)	(3		)	(8,583		)	—			(8,659		)
Proceeds received on disposition of vehicles	—			11			7			7,178			—			7,196
Investment in debt securities of AESOP – related party	(400		)	—			—			—			—			(400		)
Investment in debt securities of AESOP – related party	400			—			—			—			—			400
	—			(62		)	4			(1,416		)	—			(1,474		)
Net cash provided by (used in) investing activities	(278		)	(70		)	(29		)	(2,272		)	276			(2,373		)
Financing activities
Proceeds from long-term borrowings	—			682			—			—			—			682
Payments on long-term borrowings	—			(4		)	(4		)	(660		)	—			(668		)
Net change in short-term borrowings	—			—			—			(97		)	—			(97		)
Debt financing fees	(38		)	(40		)	—			—			—			(78		)
Intercompany loan borrowings	—			486			—			—			(486		)	—
Intercompany loan payments	—			(242		)	—			—			242			—
Other, net	93			152			268			(54		)	(458		)	1
Net cash provided by (used in) financing activities exclusive of vehicle programs	55			1,034			264			(811		)	(702		)	(160		)
Vehicle programs:
Proceeds from borrowings	—			—			—			10,534			—			10,534
Payments on borrowings	—			—			—			(9,917		)	—			(9,917		)
Debt financing fees	—			(2		)	(1		)	(30		)	—			(33		)
	—			(2		)	(1		)	587			—			584
Net cash provided by (used in) financing activities	55			1,032			263			(224		)	(702		)	424
Effect of changes in exchange rates on cash and cash equivalents	—			—			—			(6		)	—			(6		)
Net increase (decrease) in cash and cash equivalents	(255		)	(279		)	(2		)	159			—			(377		)
Cash and cash equivalents, beginning of period	257			513			3			138			—			911
Cash and cash equivalents, end of period	$	2		$	234		$	1		$	297		$	—		$	534